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"Currently, the European Union has the world's biggest carbon-trading system, but China's emissions market being established is more than likely to replace the EU to become the world's biggest one," Vicky Pollard, environmental counselor in the EU delegation to China, told 21st Century Business Herald.

"Companies can ride the rising demand to focus on other high-tech, value-added products. Domestic toy manufacturers' competitiveness reflects not only in their price labels today but in their development capacity as well as intellectual innovation."

"China urgently needs a growth boost" relying on an accelerated growth of infrastructure investment, said Yu Yongding, senior fellow and academician at the Chinese Academy of Social Sciences. Yu made the remarks at a forum titled "Stronger together: Global recovery from COVID-19" jointly organized by the Chinese Academy of Social Sciences and China Daily on Wednesday.

"Consumers are now so sophisticated that some would ask whether your gelato is made from fresh milk or milk powder. And they are no longer paying for novel flavors simply because it's something unheard of. You have to make sense of all the flavors," said Lu.

"Chinese brands are at the forefront of innovation, and its global brand-builders are helping to establish 'Brand China' as innovative, cutting-edge and pioneering. China's insatiable appetite for new technology is fuelling the growth of many brand categories and powering innovation at an incredible pace," the report said.